U.S. Market Futures Pointing Higher for Continued Gains

U.S. stock futures are higher in pre-market trading for Wednesday, June 22. The Dow Futures are up 14 points to 17751.0. The S&P 500 Futures are higher at 2082.25 for a gain of 1.75 points. The Nasdaq Futures are higher 4406.0 for a gain of 5.75 points. The Russell Futures are showing a gain of 2 points at 1150.5.

In overnight trading in the Eastern Hemisphere stocks are trading mixed. China’s Shanghai Composite is higher at 2905.55 for a gain of 26.99 points or 0.94 percent. Japan’s Nikkei 225 is lower at 16065.72 for a loss of -103.39 points or -0.64 percent. Hong Kong’s Hang Seng Index is higher at 20795.12 for a gain of 126.68 points or 0.61 percent. In India the S&P BSE Sensex is lower at 26765.65 for a loss of -47.13 points or -0.18 percent and the NSE Nifty is also lower at 8,203.70 for a loss of -16.20 points or -0.20 percent.

In Europe, stocks are mostly higher. The FTSE 100 is higher at 6249.08 for a gain of 22.53 points or 0.36 percent. Germany’s DAX is higher at 10076.61 for a gain of 61.07 points or 0.61 percent. France’s CAC 40 is higher at 4384.02 for a gain of 16.78 points or 0.38 percent. The Stoxx Europe 600 is higher at 340.56 for a gain of 0.52 points or 0.15 percent.

Wednesday’s Factors and Events

On Wednesday the housing market will be in focus. The Mortgage Bankers Association will report mortgage applications. The FHFA will report its FHFA House Price Index and the National Association of Realtors will report existing home sales.

Stanley Fischer and Janet Yellen will both be speaking today. Stanley Fischer will be speaking at an international conference in Stockholm. Janet Yellen will be speaking before the House Financial Services Committee in Washington.

The EIA will also report its Petroleum Status Report. In the previous week’s report oil inventories were down -0.9 million barrels.

Car manufacturers will also be closely watched today including Tesla, Mitsubishi and Volkswagen. Elon Musk’s Tesla could potentially be acquiring SolarCity. Mitsubishi reported a weak earnings outlook on Wednesday. Volkswagen will be having its annual shareholder meeting in Germany.

Stock trading Wednesday will also continue to be affected by anticipation of Thursday’s U.K. exit vote.

Tuesday’s Activity

In the U.S. the leading stock indexes were higher on Tuesday. The Dow Jones Industrial Average closed at 17829.73 for a gain of 24.86 points or 0.14 percent. The S&P 500 was also higher, closing at 2088.90 for a gain of 5.65 points or 0.27 percent. The Nasdaq Composite closed higher at 4843.76 for a gain of 6.55 points or 0.14 percent.

Source: DJIA, S&P 500 and Nasdaq Composite. Google Finance.

Other notable index closes in the U.S. included the small-cap Russell 2000, closing lower at 1153.87 for a loss of -3.83 points or -0.33 percent; the S&P 600 closing at 708.28 for a loss of -1.76 points or -0.25 percent; the S&P 400 Mid-Cap Index closing at 1494.67 for a loss of -0.31 points or -0.02; the Russell 3000 closing at 1232.07 for a gain of 2.36 point or 0.19 percent; and the Dow Jones U.S. Select Dividend Index closing at 600.79 for a gain of 0.78 points or 0.13 percent.

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe